Lloyds man goes to NatWest

NatWest Bank, currently the subject of two takeover bids, has appointed a Lloyds TSB executive director to head up its UK banking division and bolster its defences. Gordon Pell, currently group executive director of retail distribution at Lloyds TSB, will join NatWest next month. The 49-year-old will take responsibility for NatWest's retail and corporate bank and will report to the group's chief operating officer, Ron Sandler.

The move is seen as a defence by NatWest to the recent bids from Bank of Scotland and Royal Bank of Scotland. NatWest last month posted a document to shareholders making it clear it is equally opposed to both offers. Both bidders have until February 14 to win support for their bids or see their offers lapse.

Chairman of NatWest, Sir David Rowland today said: 'Gordon Pell's appointment is clearly a highly significant one for NatWest and strengthens considerably the top management team.

'He has an outstanding record in large scale retail banking and the fact that we have been able to attract him reflects the great potential for the transformed NatWest.'

He added: 'Together with Ron Sandler, Richard Delbridge and the rest of the top executive team, we now have a management capable of competing with the very best in the industry.'

Succeeding him at Lloyds TSB will be Dennis Holt, currently managing director of Lloyds TSB Insurance.